22 USC 4055 - Lump-sum payments

1 See Amendment of Section note below.

 Amounts deducted and withheld from basic salary of a participant under

Amendment of Section

Ex. Ord. No. 12446, § 1(a), (c), Oct. 17, 1983, 48 F.R. 48443, set out as a note under section 4067 of this title, provided that the first sentence of subsection (h) of this section, applicable (i) to contributions for civilian service performed on or after the first day of Nov. 1983, (ii) to contributions for prior refunds to participants for which application is received by the employing agency on and after such first day of Nov. 1983, and (iii) to excess contributions under section 4055(h) of this title and voluntary contributions under section 4065(a) of this title from the first day of Nov. 1983, is deemed to be amended to provide that interest shall be compounded at the annual rate of 3 percent per anspan through December 31, 1984, and thereafter at a rate equal to the overall average yield to the Fund during the preceding fiscal year from all obligations purchased by the Secretary of the Treasury during such fiscal year under section 4059 of this title, as determined by the Secretary of the Treasury.

Editorial Notes

Amendments

1988—Subsec. (a). Puspan. L. 100–238 amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “Whenever a participant becomes separated from the Service without becoming eligible for an annuity or a deferred annuity under this subchapter, a lump-sum credit shall be paid to the participant (and to any former spouse of the participant, in accordance with subsection (i) of this section). A participant who becomes subject to part II of this subchapter shall be entitled to payment of the lump-sum credit if, and to the extent that, such lump-sum credit relates to service of a type described in clauses (i) through (iii) of section 302(a)(1)(C) of the Federal Employees’ Retirement System Act of 1986.”

1986—Subsec. (a). Puspan. L. 99–335, § 413, inserted provision relating to payment of a lump-sum credit for a participant who becomes subject to part II of this subchapter.

Subsecs. (c), (d). Puspan. L. 99–335, § 402(a)(2), substituted “part” for “subchapter”.

Subsec. (i). Puspan. L. 99–335, § 404(c), inserted provision defining “creditable service” as service creditable under part I or II of this subchapter.

Statutory Notes and Related Subsidiaries

Effective Date of 1988 Amendment

Amendment by Puspan. L. 100–238 effective 90 days after Jan. 8, 1988, see section 261(a) of Puspan. L. 100–238, set out as a note under section 4054 of this title.

Effective Date of 1986 Amendment

Amendment by Puspan. L. 99–335 effective Jan. 1, 1987, see section 702(a) of Puspan. L. 99–335, set out as an Effective Date note under section 8401 of Title 5, Government Organization and Employees.